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Yes, The AVERAGE Loan is Taking Almost 2 Months to Close; Checking in on Record Rates

Yes, The AVERAGE Loan is Taking Almost 2 Months to Close; Checking in on Record Rates

According to Ellie Mae's Origination Insight Report, loans closed during November had an average note rate of 2.97 percent. The 30-year note rate for FHA and Conventional loans dropped below the three percent mark for the first time , averaging 2.99 percent. The note rate on VA loans continued to decrease, hitting 2.72 percent. Refinances constituted 61 percent of total closed loans in the month, 1 point more than in October and 12 points higher than the November 2019 level. The distribution of loans across lenders held relatively steady with conventional loans accounting for 82 percent of total originations and FHA at 10 percent, both unchanged from the previous month. The share of VA loans increased from 5 to 6 percent. The time to close all loans increased to 55 days from 54 days in October
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